Housing resale statistics for Honolulu February 2009

The Honolulu Board of REALTORS® released resale figures today for the month of February. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During February, sales of 129 single-family homes and 160 condominiums were reported through the Board’s MLS, decreases of 20.9 percent for single-family homes and 50.2 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 251 for the first two months of 2009, a decrease of 35.8 percent over the same time period one year ago. Total condominium sales through February were 319, a 50.5 percent decrease from last year. The median prices paid for island properties in the first two months of 2009 were $550,000 and $300,000, respectively, decreases of 8.3 percent for single-family homes from the same time period in 2008 and 9.1 percent for condominiums. The total dollar sales volume generated in the housing market for the first two months of this year was $280.5 million, a decrease of 53.1 percent, or $318.0 million, compared to the $598.5 million produced one year ago.

“While sales in Oahu residential housing have slowed, the median prices have remained steady unlike many markets in the Mainland,” said Sandra “Sam” Bangerter, President of the Honolulu Board of REALTORS®. “Fortunately, we have don’t have the overabundance of inventory that is threatening most of the Mainland markets and the sizable number of properties that went into pending status during February proves that there continues to be a demand for our residential dwellings.”

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)